Gordon Brothers Group Acquires Quaker Fabric Assets
Gordon Brothers Group, today announced that is has acquired through bankruptcy auction the majority of assets of Quaker Fabric, Inc. in Fall River, Massachusetts. Assets include all raw and finished fabric inventory, machinery and equipment, intellectual property, trademarks, patents and real estate.
"Gordon Brothers Group is one of the few advisory, restructuring and investment firms that has both the financial wherewithal and operational expertise to acquire multi-asset classes ranging from finished inventory to machinery and equipment to real estate," stated Robert Himmel, Co-President, Commercial & Industrial Division, Gordon Brothers Group.
Added Robert Maroney, Co-President, Commercial & Industrial Division, Gordon Brothers Group, "We're very excited about this purchase and look forward to making similar ones in the future. Our global reach, sector-specific expertise and operational excellence means we can aggressively monetize commercial and industrial assets while underwriting the risk for our clients. It's a win-win situation."
Simultaneous with the closing of the acquisition, Gordon Brothers Group finalized an agreement to sell the Quaker brand name and intellectual property, a portion of the operating machinery and equipment, and a significant portion of the inventory to Canadian-based Victor Innovatex, a leader in developing, manufacturing and marketing environmentally sustainable textiles. The balance of the machinery, office furniture and information technology assets, which is expected to attract many textile manufacturers and used machinery dealers, will be offered for sale in the coming weeks by Gordon Brother Group's Commercial & Industrial Division.
As part of the deal, DJM Realty, the real estate division of Gordon Brothers Group, purchased Quaker's five industrial facilities in Fall River, Massachusetts. The multi-use buildings range from 43,000 to 450,000 square feet and are situated on up to 37 acres of land. The diverse properties include space used for industrial, manufacturing, warehouse, office, showroom and a designated historical building.
"We are excited to own these premiere mixed-use real estate properties and are working to find the best strategy to creatively utilize these properties for future tenants," said Emilio Amendola, Co-President of DJM Realty. "We have already received much interest in these properties and encourage buyers and sellers to contact us."
The Quaker industrial facilities include:
- 81 Ferry Street: a 194,576 square-foot, multi-use production/warehouse on a 8.28 acre site.
- 387 Quarry Street: a 66,187 square-foot manufacturing plant on 3.64 acres. Premier space for a redevelopment project.
- 1082 Davol Street: a 227,068 square-foot, 5-story historical building with water views on a 5.5 acres site was used as an office, manufacturing and showroom space. Great redevelopment project for residential or conversion to 100% office space.
- 1450 Brayton Avenue: a 162,188 square-foot modern industrial building is situated on 7.39 acres and is an excellent opportunity for retail, office and manufacturing.
- 941 Grinnell Street: a 37.58 acre site. Prime land opportunity. Building is 687,789 square feet utilizing 16.3 acres and consists of approximately 17 buildings used for textile manufacturing, warehouse and office space.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is an advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors. The firm provides a wide variety of services to companies at times of growth and restructuring. Gordon Brothers Group capabilities include asset valuations, dispositions and appraisals, real estate consulting and acquisitions, retail store operations, lending, equity investments, restructuring and advisory services. The firm has unparalleled expertise in assisting healthy and distressed companies in maximizing the value of under-performing assets and expanding operations through new products and distribution channels. Gordon Brothers Group resources include over 200 professionals and 250 field experts, including former CEOs, CFOs, merchants and executives in offices worldwide. During the past three years, Gordon Brothers Group has appraised over $100 billion of assets, managed more than 7,000 stores, sold more than $10 billion of inventory and restructured or sold over 120 million square feet of retail space. In addition, Gordon Brothers Group currently owns over 1,600 stores through various portfolio companies.
About DJM Realty
DJM Realty, a Gordon Brothers Group company, specializes in real estate dispositions, acquisitions, capital solutions and valuations. DJM Realty services the world's most recognizable brands such as Big Lots, Borders, CVS, Pep Boys, Toys R Us, West Marine and Yum Brands. DJM Realty was founded in 1992 and is headquartered in New York with offices in Los Angeles, Boston and Chicago. For more information, please visit www.djmrealty.com.